World finance chiefs heading for Washington for crunch talks

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WASHINGTON, Oct 9 (AFP): Finance chiefs from the world's richest nations meet in Washington Friday for a crucial but uncertain meeting at a time of unprecedented fear about the global financial system.
The Group of Seven (G7) meeting will bring together finance ministers and central bankers for some collective-thinking on the credit crunch and crashing stocks.
They are to be joined by counterparts from emerging markets including Brazil Russia, India and China for an impromptu gathering of the expanded so-called G20 group.
The gathering will be closely watched by investors, who are eager to see solutions and cross-border action by the world's leading powers to help a return to normal lending practices and calm stock markets.
Treasury Under Secretary David McCormick said the meeting would be "heavily focused on current economic conditions.
A final statement from the group is expected late Saturday.